Social tension a huge risk in Turkish economy: Leading businessman

Hülya Güler - ISTANBUL

The continuance of social tensions has constituted a considerable risk in the economy, although political stability has been maintained after the elections, said a leading Turkish businessman. 

Speaking in terms of Turkey’s financial cabinet, former head of Turkey’s top business organization, Turkish Industrialists’ and Businessmen’s Association (TÜSİAD), and Sabancı Holding’s Retail and Insurance Group President Haluk Dinçer said Turkey had known “very experienced” people. He called the current cabinet’s action plan is “quite detailed” and believed it would be implemented. “It is of great importance to see the realization of fairly ambitious targets in ensuring liberties and freedom of courts. I believe the fulfilment of economic reforms will be much easier than the realization of these political and social targets. Yes, we have seen the maintenance of political stability after the elections, but social tensions have still been underway. We don’t see social peace and quietness yet. This is a huge risk,” he added. 

However, he also said the Turkish economy has showed a considerable strength in the face of rising geopolitical risks. 

“Turkish companies are very quick in seeing and adapting to risky conditions. This is a big advantage,” he said. 

Dinçer also noted that the domestic demand will likely continue to play a big role in raising economic growth figures and the government should keep supporting the country’s individual pension system so as to boost the country’s savings.